Will Kelty, who's with Big Blue Properties, says, "We hope to sort of bring back the character and the charm of the original building."
Those with Big Blue Properties hope to attract businesses that will attract more people to what was once the hub of the city.
"We saw this building and we were like, 'This is just fantastic character.' It can be a part of a vibrant Downtown Wichita Falls and we're hoping to make it that," Kelty says.
Including the basement, there are 13 floors and about 180,000 square feet that will be available for lease.
When the building closed in August, it wasn't at capacity.
Kelty says the vacancy issues and water problems the city's currently facing are all aspects they took into consideration.
"Most people, with the amount of issues, might get somewhat deterred from taking over the property, especially this size property, when it's completely vacant," Kelty says. "But there's so much charm to it, that we can overcome those issues."
Kelty says they're on the cusp of landing their first business: a restaurant that could occupy part of the first floor.
The new owners plan to have the building open in two to three months, and before opening they hope to get community input on what to do with the building.
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